Exam 19: Estate Planning

Maryanne Strothman wants to leave some words of encouragement and spiritual advice to her children to encourage their faith in the event that something happens to her.What type of document would be best for her to prepare?

Which one of the following wills leaves everything to your spouse?

Gary Ross has assets worth $2,400,000.Since he plans to travel and does not want to oversee these assets,he has created a legal arrangement so the assets can be managed by an officer of his local bank.What type of legal arrangement has he likely made?

A large percentage of people do little or nothing to provide for those who will survive them.

Which one of the following statements is true about estate planning?

If you are active online,what steps should you take to write a social media will to handle the closure of your email addresses,social media profiles,and blogs after you die?

If you die without a valid will,you die intestate.

Gerald Wilkins owns a home worth $300,000,a car worth $15,000,various investments worth $600,000 and other personal assets worth $30,000.He still owes $175,000 on his mortgage and $10,000 on a car loan.The probate and administration costs of his estate are estimated at $5,000.What is his estimated net taxable estate?

Which will leaves everything to the spouse?

Kate Wilson has created a will that leaves one-half of her adjusted gross estate to her husband,Matthew.What type of will has she created?

Which of the following is a trust that pays a specified charity income from a donated asset for a set number of years and then transfers the principal to the donor's beneficiaries with reduced estate or gift taxes at the end of the term?

If you are married,your estate planning involves:

Gerry Legere has died without writing a will.What is the legal term for this?

Many states do not recognize living wills.

Which statement is not true about a formal will?

Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death.

There are 10 commandments of making your will listed in this chapter.Describe 5 of these.

A credit-shelter trust is perhaps the most common estate planning trust.

A living will provides for your wishes to be followed if you become so physically or mentally disabled that you are unable to act on your own behalf.

Your executor can be the trust department of a bank.